Welcome to a comprehensive review of TradingView, the trading platform that has taken the financial industry by storm and has been considered one of the best forex trading platforms for beginners. As the CEO of Chump Profit, I recently made a significant shift in my trading routine, transitioning from Meta Trader 4 to TradingView. In this captivating review, I aim to captivate your interest and share my thoughts and experiences with TradingView. Prepare to be immersed in a world of cutting-edge features, remarkable drawing capabilities, and a vibrant community that will revolutionise your trading journey.
Reasons to Use Trading Platforms like TradingView:
1. Beginners: Trading platforms like TradingView are suitable for beginners who are new to trading and want to learn and practice their skills. These platforms provide user-friendly interfaces, educational resources, and access to a supportive trading community, making it easier for beginners to navigate the world of trading.
2. Technical Analysts: Trading platforms are highly valuable for technical analysts who rely on charting and technical indicators to make trading decisions. These platforms offer a wide range of charting tools, indicators, and drawing capabilities, allowing technical analysts to perform in-depth analysis and identify trading opportunities.
3. Active Traders: Active traders who engage in frequent trading and short-term strategies can benefit from trading platforms. These platforms often provide real-time data, customizable alerts, and advanced order types, enabling active traders to react quickly to market movements and execute trades efficiently.
4. Swing Traders: Swing traders, who hold positions for a few days to a few weeks, can also utilize trading platforms effectively. These platforms offer features like multi-chart layouts and drawing tools that assist swing traders in analysing price trends, identifying support and resistance levels, and making informed trading decisions.
5. Long-Term Investors: Even long-term investors can find value in using trading platforms. These platforms provide access to comprehensive market data, fundamental analysis tools, and the ability to track and monitor their investment portfolios. Long-term investors can use trading platforms to stay informed about their investments and make strategic decisions based on market trends.
6. Cryptocurrency Traders: With the rise of cryptocurrencies, trading platforms have become essential for cryptocurrency traders. These platforms offer a wide range of cryptocurrency markets, real-time price data, and specialized tools for analysing digital assets. Cryptocurrency traders can leverage trading platforms to stay updated on the volatile crypto market and execute trades efficiently.
7. Research-Oriented Traders: Traders who heavily rely on research and analysis can greatly benefit from trading platforms. These platforms often provide access to extensive historical data, news feeds, economic calendars, and research tools. Research-oriented traders can utilize these resources to gather insights, develop trading strategies, and make informed decisions.
It's important to note that while trading platforms offer numerous advantages, it's crucial for users to have a basic understanding of trading concepts, risk management, and market dynamics. Additionally, traders should always conduct their due diligence and consider their risk tolerance before engaging in any trading activities.
Key Features and Benefits: Unleash Your Trading Potential
1. Unparalleled Drawing Tools: TradingView stands out with its remarkable drawing capabilities. Go beyond basic charting and freely express your analysis with complex shapes, annotations, and technical indicators. Communicate your trading ideas with precision and empower yourself to make well-informed decisions.
2. Multi-Chart Layouts for Efficient Analysis: Analysing multiple timeframes is a necessity for many traders, and TradingView simplifies this process. With multi-chart layouts, you can effortlessly split your screen into multiple synced-up charts, gaining a comprehensive view of different timeframes. Save time, ensure consistency, and elevate the efficiency of your analysis.
3. Foster Accountability Through Trade Idea Publishing: Accountability is a cornerstone of success in trading, and TradingView offers a powerful solution. By enabling you to publish your trade ideas, TradingView fosters accountability and commitment to your trading plans. Engage with a vibrant community, receive feedback, and gain insights from fellow traders. This interactive ecosystem elevates your skills and knowledge.
Considerations to Keep in Mind: The Path to Informed Decision-Making
1. Advanced Features for Serious Traders: While TradingView provides numerous impressive features for free, some advanced functionalities require a Pro subscription. Serious traders seeking advanced tools and analysis capabilities will find the paid features highly valuable. Embrace the full potential of TradingView by investing in your trading journey.
2. Dual-Platform Approach for Trade Execution: TradingView, as a comprehensive charting platform, does not directly facilitate trade execution. Traders need to use a separate trading platform provided by their broker in conjunction with TradingView. Embrace this dual-platform approach and streamline your trading workflow for seamless execution.
3. Potential Chart Syncing Considerations: Occasionally, TradingView may present challenges with syncing drawings and annotations across different devices and browser sessions. While this issue does not significantly impact the overall trading experience, it's important to be mindful and take appropriate measures to prevent any potential data loss.
TradingView Plans: Choose Your Trading Adventure
TradingView offers four distinct plans tailored to various trading needs. The Free plan provides access to basic features, while the Pro, Pro Plus, and Premium plans unlock additional capabilities such as unlimited charts, advanced indicators, and SMS alerts. Align your trading requirements and budget with the plan that suits you best.
Why Consider TradingView Over MetaTrader 4: Embrace Innovation and Community
With Apple's removal of MetaTrader 4 and MetaTrader 5 from the App Store in 2022, traders worldwide sought alternative charting platforms. TradingView emerged as the frontrunner, captivating traders with its visual expressiveness, user-friendly interface, and a thriving community. Experience the future of trading with TradingView.
Is TradingView Right for You? Discover Your Perfect Fit
Determining if TradingView is the ideal platform for you depends on your trading style and preferences. If you value a visually expressive charting experience, social accountability, and a user-friendly interface, TradingView may be the perfect fit. Embrace a vast range of charting tools, multi-chart layouts, and a supportive trading community that propels your trading journey forward. Assess your needs and decide if TradingView's features align with your trading goals.
5 best TradingView brokers overall for 2023
1. eToro: Best for beginners, copy-trading & demo-account
8. Vantage UK. FCA regulated. Best for Free TradingView platform.
Choose the broker that aligns with your specific trading needs and embark on a successful trading journey with TradingView. Check out our broker reviews.
Conclusion: Unleash the Power of Trading with TradingView
In this TradingView review, we have explored the world of this charting and social platform. TradingView offers an array of impressive features, in my opinion, unparalleled drawing capabilities, multi-chart layouts, and a supportive trading community. Whether you're a beginner or an experienced trader, TradingView has the tools to take your trading to new heights. Embrace innovation, unleash your creativity, and join the vibrant TradingView community.
Now it's your turn to share your thoughts and experiences with TradingView. Join the conversation and embark on a journey of profitable trading. Remember, TradingView is a charting platform, not a broker. If you're specifically looking for a broker to actively trade securities, explore other options that align with your needs. Email me your feedback. firstname.lastname@example.org.
My opinion best for: Beginner active and hands-off investors, as well as crypto traders. Easier than MT4/5
1. Diverse range of charting tools and trading ideas: The platform offers a wide variety of charting tools and trading ideas, allowing users to analyse market trends, identify patterns, and make informed trading decisions. This can be especially beneficial for traders who rely on technical analysis to guide their investment strategies.
2. Stocks, forex, and crypto screeners: The platform provides screeners for stocks, forex, and cryptocurrencies, enabling users to filter and scan through a vast number of assets based on specific criteria such as price, volume, market capitalization, and more. This feature helps traders identify potential investment opportunities and narrow down their choices effectively.
3. Extensive coverage of global markets and assets: The platform offers comprehensive coverage of global markets and assets, including stocks, bonds, commodities, currencies, and cryptocurrencies. This breadth of coverage allows users to access a wide range of investment opportunities from various regions around the world, enabling them to diversify their portfolios and take advantage of market trends across different asset classes.
1. Some limitations with the free version: While the platform may offer a free version, it often comes with certain limitations. These limitations might include restricted access to certain features, limited real-time data, or a reduced range of tools and indicators. To access the full suite of functionalities and enjoy advanced features, users may need to upgrade to a paid subscription plan.
2. Not all brokers are supported via API: API integration allows traders to connect their trading accounts with the platform, enabling seamless execution of trades and access to real-time data. However, not all brokers may be supported by the platform's API, which means that some users may not be able to fully integrate their trading accounts with the platform or access certain features. This limitation could be a drawback for traders who rely on specific brokers for their trading activities.
Overall, the mentioned platform offers a diverse range of charting tools and trading ideas, comprehensive coverage of global markets and assets, as well as screeners for stocks, forex, and crypto. However, it's important to consider the limitations of the free version and the potential lack of API support for all brokers before committing to the platform.
Take the leap and unleash the power of TradingView. Elevate your trading game and embark on a journey of success and prosperity.
Author: Kyriacos Kyriacou, experienced trader, broker, and educator in forex. He has a B.A. in Economics from Liverpool University and an M.S. in Marketing from Surrey University.